Offshore licences attract interest

Bidding round for upstream licensing

LIBYA: The current bidding round for upstream licensing has already attracted more than 40 applicants and is due to be concluded by November this year.

Speaking at the African Energy Forum this week, Advisor to Libya’s Minister of Oil and Gas, Abdolkabir Alfakhry said that the process would open up the country as a new environment for international companies.

Framing Libya’s assets as underexplored, particularly offshore, Alfakhry pointed to the country’s strategic location on the Mediterranean and its proximity to European markets as key competitive advantages. “The bid round signals Libya’s integration into the global energy market,” he said.

That outlook was echoed by Steiner Våge, President for Europe, the Middle East and Africa at ConocoPhillips, who confirmed the US major’s intention to deepen its engagement in Libya and across the African continent.

“We want to see Libya prosper. We’d also like to transfer our knowledge, and we want to work with partners that have similar objectives – that is the starting point.”

“Libya is a place where we can work – over the last few years, we’ve significantly increased production at the Waha concession,” said Vaage. “We want to see Libya prosper. We’d also like to transfer our knowledge, and we want to work with partners that have similar objectives – that is the starting point.”

While capital remains globally competitive, Vaage emphasised that Africa – alongside Libya and Equatorial Guinea in particular – remains in strong contention for future investment.

“We see a future in Equatorial Guinea in terms of stranded assets and getting more gas,” he said. “The country needs more gas to keep its facilities and sustain production. There’s a good opportunity to do more.”